Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 21, Problem 43BOQ
To determine
Identify the appropriate answer related to the reporting party of the internal auditing department.
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Governmental auditors’ independence and objectivity are enhanced when they report theresults of an audit assignment directly toa. Managers of the government agency under audit and in which the auditors are employed.b. The audit committee of directors of the agency under audit.c. Political action committees of which they are members.d. The congressional committee that ordered the audit.
Identify from the following the department who are responsible to appoint internal auditors and organize independent internal audit
a. Legal advisor
b. External agency
c. Shareholders
d. Management
Which of the following individuals is incharge of the Policies and Procedures of the Organization
Chief Audit Executive only
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Chapter 21 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 21 - Prob. 1RQCh. 21 - Prob. 2RQCh. 21 - Prob. 3RQCh. 21 - Prob. 4RQCh. 21 - Prob. 5RQCh. 21 - Prob. 6RQCh. 21 - Prob. 7RQCh. 21 - Prob. 8RQCh. 21 - Prob. 9RQCh. 21 - Prob. 10RQ
Ch. 21 - Prob. 11RQCh. 21 - Prob. 12RQCh. 21 - Prob. 13RQCh. 21 - Prob. 14RQCh. 21 - Prob. 15RQCh. 21 - Prob. 16RQCh. 21 - Prob. 17RQCh. 21 - Prob. 18RQCh. 21 - Prob. 19RQCh. 21 - Prob. 20RQCh. 21 - Prob. 21RQCh. 21 - Prob. 22RQCh. 21 - Prob. 23RQCh. 21 - Prob. 24RQCh. 21 - Prob. 25RQCh. 21 - Prob. 26RQCh. 21 - Prob. 27RQCh. 21 - Prob. 28RQCh. 21 - Prob. 29RQCh. 21 - Explain how major federal assistance programs are...Ch. 21 - Describe what is meant by a questioned cost.Ch. 21 - Distinguish between a subrecipient and a primary...Ch. 21 - Prob. 33RQCh. 21 - Prob. 34QRACh. 21 - Steve Ankenbrandt, president of Beeb Corp., has...Ch. 21 - Prob. 36QRACh. 21 - Prob. 37QRACh. 21 - Prob. 38QRACh. 21 - Prob. 39QRACh. 21 - Prob. 40QRACh. 21 - Prob. 41QRACh. 21 - Prob. 42QRACh. 21 - Prob. 43AOQCh. 21 - Prob. 43BOQCh. 21 - Prob. 43COQCh. 21 - Prob. 43DOQCh. 21 - Prob. 43EOQCh. 21 - Prob. 43FOQCh. 21 - Prob. 43GOQCh. 21 - Prob. 43HOQCh. 21 - Prob. 43IOQCh. 21 - Prob. 43JOQCh. 21 - Prob. 43KOQCh. 21 - Prob. 43LOQCh. 21 - Prob. 44OQCh. 21 - Prob. 45OQCh. 21 - Prob. 46PCh. 21 - Devry Corporation has established an independent...Ch. 21 - Prob. 48PCh. 21 - Prob. 49PCh. 21 - Prob. 50ITC
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Similar questions
- Which department is IN charge in overseeing the External Audit Activity? Audit Committee Internal Audit Department Accounting Department Human Resource Departmentarrow_forwardA transaction-level internal control activity is best described asa. An action taken by auditors to obtain evidence.b. An action taken by client personnel for the purpose of preventing, detecting, and correcting errors and frauds in transactions to eliminate or mitigate risks identified by thecompany.c. A method for recording, summarizing, and reporting financial information.d. The functioning of the board of directors in support of its audit committee.arrow_forwardOperational audits generally have been conducted by internal auditors and governmental audit agencies but may be performed by certified public accountants. Aprimary purpose of an operational audit is to provide(1) a means of assurance that internal accounting controls are functioning as planned.(2) a measure of management performance in meeting organizational goals.(3) the results of internal examinations of financial and accounting matters to acompany’s top-level management.(4) aid to the independent auditor, who is conducting the audit of the financialstatementsarrow_forward
- Which of the following tasks is a function of an audit committee? Select one: a. Making decisions regarding the purchase of company assets. b. Appointing the external auditor. c. Preparing the financial report for audit. d. Overseeing the application of appropriate accounting policies and procedures to ensure appropriate disclosure.arrow_forwardg. In general, internal auditors' independence will be greatest when they report directly to the: Multiple Choice O Financial vice president. Corporate controller. Audit committee of the board of directors. Stockholders.arrow_forwardAudits may be characterized as (a) financial statement audits, (b) compliance audits, (c) economy and efficiency audits, and (d) program results audits. The work can be done by independent (external) auditors, internal auditors, or governmental auditors (including IRS auditors and federal bank examiners). Following is a list of the purposes or products of various audit engagements: Check the below image for list of purposes- Required:For each of the engagements listed, indicate (1) the type of audit (financial statement, compliance, economy and efficiency, or program results) and (2) the type of auditors you would expect to be involved.arrow_forward
- Which of the following is usually not part of an internal audit department’s audit charter?a. A commitment from management to ensure the independence of the internal auditdepartment.b. A definition of the scope of the audit department’s activities.c. The organizational structure of the internal audit department.d. The reporting requirements of the internal audit department.arrow_forwardWhat is meant by internal control based on the professional standards of a public accountant is:a. A process carried out by the Board of Directors and the Board of Commissioners which is designed to provide adequate assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.b. A process carried out by the Board of Commissioners, management and other personnel of the entity that is designed to provide reasonable assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.c. A process carried out by all members of the internal audit department of a company to detect errors in the processes run by the companyd. B and C are correcte. All wrongarrow_forward1. Explain how an audit committee could improve its effectiveness on internal auditor's control review and oversight work 2. Discuss the problems associated with initiatives that been put forward to ensure independence of members ofaudit committeearrow_forward
- Which of the following engagements is most likely to be considered an operational audit? The auditor determines whether the organization is following provisions of laws and regulations. The auditor examines information presented in an entity’s financial statements to determine whether the financial statements are presented fairly in accordance with the applicable financial reporting framework. The auditor evaluates the organization’s efficiency in processing payments. The auditor assists the client in preparation of financial statements.arrow_forwardQuestion: In corporate governance, what is the primary function of an audit committee? A) Financial statement preparation B) Internal control evaluation C) Marketing strategy development D) Employee training and developmentarrow_forwardAn independent examination and evaluation of the financial statements of an organization is called Auditing Internal Control External auditing Internal Auditingarrow_forward
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